U.S. markets slide: U.S. markets snapped a three-day winning streak and closed near the lows of the day after Spain said the recession will extend into next year. The Dow Jones Industrial Average (INDEXDJX:.DJI) tumbled 120.79 points, or 0.93 percent, to close at 12,822.57. The S&P 500 (INDEXSP:.INX) fell 13.85 points, or 1.01 percent, to end at 1,362.66, while the NASDAQ Composite (INDEXNASDAQ:.IXIC) dropped 40.60 points, or 1.37 percent, to finish at 2,925.30. The Dow rose 0.36 percent for the week, while the S&P 500 gained 0.43 percent, and the Nasdaq was up 0.58 percent.

Oil prices fall: Oil prices fell for the first time in a week amid investor concerns that Europe is not doing enough to stem the debt crisis. Crude oil for August delivery declined 1.3 percent, to settle at $91.44 a barrel on the New York Mercantile Exchange. Brent oil for September settlement fell 0.9 percent to $106.83 a barrel on the London-based ICE Futures Europe exchange.

Hewlett-Packard Company (NYSE:HPQ) declared its regular quarterly dividend of 13.2 cents per share, on Friday.

John Swainson, Dell Inc. (NASDAQ:DELL)’s new software chief plans to increase the size of the business five-fold to around $5 billion. Dell currently generates about $1.2 billion from its software business.

The Procter & Gamble Company (NYSE:PG), the world’s largest household products maker, will buy the remaining 50 percent stake in its joint venture with Spain’s Agrolimen Group for $1 billion.

The U.S. Securities and Exchange Commission has asked JPMorgan Chase & Co. (NYSE:JPM) to provide more information about the proposed copper exchange-traded fund, the JPM XF Physical Copper Trust, which is being bitterly opposed by the commodities hedge fund, RK Capital Management.

Brevan Howard Asset Management, one of Europe’s largest hedge fund managers, has set up an investment company, the Brevan Howard US Investment Management, in New York.

Forward redemptions fell in July, according to data from the GlobeOp Financial Forward Redemption Indicator.

Swiss-listed fund of funds group, Gottex Fund Management, said that its flagship fund of hedge funds continued to outperform their benchmark and posted positive returns year-to-date.

New York-based Van Eck Associates Corporation has agreed to acquire Lyster Watson’s hedge fund beta business for an undisclosed sum.

Brokerage Upgrades and Downgrades on Friday, July 20, 2012

Agrium Inc. (USA) (NYSE:AGU) was raised to “outperform” from “sector perform” by analysts at RBC Capital.

Citrix Systems, Inc. (NASDAQ:CTXS) was lifted to “outperform” from “neutral” by analysts at Zacks with a target price of $99.

CVB Financial Corp. (NASDAQ:CVBF) was raised to “buy” from “neutral” by analysts at B. Riley.

Diamond Offshore Drilling, Inc. (NYSE:DO) was upgraded to “buy” from “hold” by analysts at Williams Financial Group with a target price of $75. Diamond Offshore Drilling, Inc. (NYSE:DO) was also lifted to “buy” from” hold” at Williams Capital.

Enbridge Inc (USA) (NYSE:ENB) was lifted to “outperform” from “neutral” by analysts at Credit Suisse.

Guess?, Inc. (NYSE:GES) was raised to “neutral” from “underpeform” by analysts at Zacks.

Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) was upgraded to “overweight” by analysts at Barclays Capital.

PPG Industries, Inc. (NYSE:PPG) was lifted to “buy” from “hold” by analysts at Deutsche Bank.

Regeneron Pharmaceuticals Inc (NASDAQ:REGN) was raised to “outperform” from “neutral” by analysts at Zacks with a target price of $145.